Monday, 3 July 2017

New tax law targets celebrities, individuals who show off on social media and may get up 5-year jail term for evasion

For over 15-months, highly qualified agents of the federal ministry
of finance have worked with the banks, Nigeria Financial Intelligent
Unit (NFIU), bureau de change (BDCs), Corporate Affairs Commission
(CAC), to monitor the degree of tax compliance of many celebrities and
high net worth individuals.

The
result is the creation of Voluntary Asset and Income Declaration Scheme
(VAIDS) to broaden the country’s tax base and offer incentives for tax
evaders.

With this, the federal
government allows celebrities and other Nigerians to declare their
assets and income, and pay necessary taxes without interest, penalty or
investigation. The scheme which will run for nine months, is a grace
period for celebrities to make amends or face the full wrath of the
law, which could include jail term of up to five years.